Nigerians groan as petrol price skyrockets to N970 per litre

Nigerians are grappling with yet another surge in petrol prices as the pump price of Premium Motor Spirit (PMS) has reportedly jumped to between N930 and N970 per litre in parts of Lagos, Ogun, and Abuja.

According to reports from BusinessDay, several filling stations in Lagos adjusted their prices on Sunday morning, moving from the previous rate of N865 per litre to between N930 and N970. This sharp increase is also reflected in the depot price, which now stands between N890 and N900 per litre—up from below N850 per litre just two weeks ago.

Discovererngr.com reports that price hike comes amid concerns from oil marketers, who recently disclosed that the landing cost of imported petrol had surged by N88 per litre within a week, coinciding with an increase in import volumes.

Checks confirmed that an AP filling station on Admiralty Road, Lekki Phase 1, was selling petrol at N930 per litre, with other outlets in Lagos pricing it between N930 and N935. Similarly, stations in Abuja and Magboro, Ogun State, have adjusted their prices to between N960 and N970 per litre.

This marks the first petrol price hike in 2025 after a brief period of price reductions earlier in the year, following increased competition between the Nigerian National Petroleum Company (NNPC) Limited and Dangote Refinery.

As Nigerians brace for the economic impact of the new pricing, concerns continue to mount over the volatility of fuel costs and the potential ripple effects on transportation, goods, and services.